By Jerry W Markham
This new reference through the writer of the significantly acclaimed A monetary heritage of the USA covers the aftermath of the Enron-era scandals and the extreme monetary advancements through the interval
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Extra info for A Financial History of the United States: From Enron-Era Scandals to the Subprime Crisis
California, which for years banned the execution of murderers, sentenced the mastermind of a Ponzi scheme to 127 years in prison. Judge Denny Chin, of the Manhattan federal court, found such a sentence too short for seventy-one-year-old Bernard Madoff, who perpetrated the world’s largest Ponzi scheme. Madoff was sentenced to 150 years in prison. E. Sharpe, Inc. All Rights Reserved. Enron and Its Aftermath 7 In the end, the Justice Department’s harsh tactics gained guilty pleas from more than 300 executives and employees caught up in the Enron-era scandals.
He had served in the Navy and was for a time undersecretary for energy policy in the Department of the Interior. Lay had worked for several oil companies as an executive and had managed the merger of Houston Natural Gas and InterNorth, which became Enron. Skilling had an equally stellar resume. He had earned his MBA at Harvard Business School. After graduation, Skilling had risen through the ranks and become a partner at the renowned McKinsey consulting firm before joining Enron. Both executives were well paid.
As the government focused on him following Enron’s collapse, he even contemplated suicide and was drinking heavily. m. The Enron Task Force then demanded that Skilling be restricted in his activities as a condition of his continued bail. The court imposed a midnight curfew and ordered Skilling to stop drinking and to seek counseling. As in the Arthur Andersen prosecution, the Enron Task Force found it necessary to invent a crime where none existed. In an article published in the New York Times after the trial, the prosecutors even boasted that they had had no real case against Skilling and Lay when their investigation began.